Profile picture for user97034292

USDA Loans?

My Husband and I would like to stop renting and purchase a home, preferably in the next 4 months.  We both currently work, but as of Aug 2013 I will be having our 4th Child and will no longer be working.  We applied for a traditional mortgage and were turned down.  We applied just under his name and income, but due to some late payments on a vehicle we have, credit score was only 590.  He has three old utility accts in COLL totaling about $800.00.   We have another vehilcle loan that has never had a late payment.  We would like to apply for a USDA loan and have found a home in a qualifying area, my question is would it be worth applying for the loan now, or do we need to pay off the COLL accts before we apply? We have checked the USDA site and our income qualifys for the Guaranteed USDA, but not the Direct, would we be denied because of the credit score, we would really like to move before this fourth child arrives.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 17 2013 - Blanchard
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

First and foremost, congrats!

There's a lot of moving parts and questions to your situation that need to be looked at in detail.  A 590 Fico score will not suffice to qualify for a USDA loan.  However, bringing that score up quickly... is possible.  Your Husbands' income and employment, plus credit history will need to be reviewed diligently.  So, because of the complexity, speak to and apply with a well versed loan officer that will be able to guide and point you in the right direction.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 17 2013
 
Related Questions
USDA Loans?
Profile picture for Alex Munoz
Latest answer by Alex Munoz
April 17 2013 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 400 SE 2nd St, Blanchard, OK Home For Sale
    400 SE 2nd St, Blanchard, OK 73010

     For Sale: $151,900

    • Beds: 3
    • Sqft: 1778
    • Baths: 3.0
    • Lot: 43560
  2. 1009 N Madison Ave, Blanchard, OK Home For Sale
    1009 N Madison Ave, Blanchard, OK 73010

     For Sale: $92,500

    • Beds: 2
    • Sqft: 1138
    • Baths: 2.0
    • Lot: 871
  3. 2479 County Rd, Blanchard, OK Home For Sale
    2479 County Rd, Blanchard, OK 73010

     For Sale: $285,900

    • Beds: 3
    • Sqft: 2260
    • Baths: 3.0
    • Lot: 43560
 
 
 
Sign in with Google